New figures show that economic growth in Ireland slowed dramatically in the second quarter of this year to an annual rate of 1.6%. This compares with growth of 11% in the first quarter.
The Central Statistics Office published the figures, as measured by GNP, this morning. In addition, the CSO also published new information on the Labour Market that revealed an increase in unemployment for the first time since 1996.
The quarterly nation household survey revealed that 79,500 people were unemployed between July and September of this year. This is an increase of 14,100 on the previous three months and 1,800 on the previous year.
However, the survey also revealed that employment was still growing, with an increase of 48,700 jobs over the past 12 months. This brings the total numbers employed in Ireland to 1.78 million.
Bill Keating, the Director of the CSO, admitted that the figures were, at first glance, quite surprising.
